Get Ready to be “CYPRUSED” at a Bank near you

The banking situation in Europe continues to deteriorate rapidly. As a measure of the ongoing crisis the “ Bail In” option used in Cyprus is actually being made European Commission policy. The following is a recent report from the much respected Irish Times:

“Proposals under Irish presidency to deal with European bank collapses likely to ‘bail-in’ large depositors.

Deposits of over €100,000 are likely to be hit in the event of future European bank collapses, according to a proposal put forward by the Irish presidency of the European Council ahead of a key meeting of finance ministers next week.